EQT Corp. (NYSE:EQT)

Total revenues from contracts with customers exhibited a volatile trend between 2018 and 2021, characterized by a sustained decline followed by a sharp recovery. Total revenue decreased from US$ 4,695,519 thousand in 2018 to a low of US$ 2,650,299 thousand in 2020, representing a contraction of approximately 43.5% over that period. However, a substantial reversal occurred in 2021, with revenues surging to US$ 6,804,020 thousand, marking a 156.7% increase over the previous year.

Natural Gas Revenue Performance

As the primary revenue driver, natural gas sales mirrored the overall corporate trend. Revenues fell from US$ 4,217,684 thousand in 2018 to US$ 2,459,854 thousand in 2020 before increasing significantly to US$ 6,180,176 thousand in 2021. Natural gas consistently accounted for the vast majority of total revenue, underscoring a high level of dependence on this specific commodity.

NGLs and Oil Sales Trends

Sales of Natural Gas Liquids (NGLs) and oil followed similar trajectories but contributed a smaller portion to the total revenue mix. NGL sales dropped from US$ 442,010 thousand in 2018 to US$ 169,871 thousand in 2020, before recovering to US$ 531,510 thousand in 2021. Oil sales, while the smallest revenue component, showed the most dramatic relative increase in the final year, rising from US$ 20,574 thousand in 2020 to US$ 92,334 thousand in 2021.

Revenue Composition Analysis

The revenue structure remained heavily weighted toward natural gas across the observed period. By 2021, natural gas sales represented approximately 90.8% of total revenues from contracts with customers, while NGLs contributed approximately 7.8% and oil contributed approximately 1.4%.